China Can't Trade Back to Normality

By
Andrew Peaple

Updated Oct. 15, 2009 12:01 am ET

Are things getting back to normal for Chinese trade? Not quite.

Import data, in particular, are a red herring. Down just 4% from a year ago, they're approaching precrisis levels. Given that about half of China's imports are intermediate goods destined for re-export, it might seem an export recovery is imminent. In truth, imports rose largely on commodity stockpiling. Trade figures were also inflated by September having four more working days this year.